Question

ter 5 Requirements 1. Journalize the adjusting entries using the following data: a. Interest revenue accrued, $450. b. Salaries (Selling) accrued, $2,500. c. Depreciation expense-Equipment (Administrative), $1,330. d. Interest expense accrued, $1,100. e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $44,600. 2. Prepare Travis Electronics's adjusted trial balance as of March 31, 2016. 3. Prepare Travis Electronics's multi-step income statement for year ended March 31, 2016. 4. Prepare Travis Electronics's statement of owner's equity for year ended March 31, 2016. Assume Travis made no additional contributions during the year. 5. Prepare Travis Electronics's classified balance sheet in report form as of March 31, 2016.

Check unadjusted balance sheet first then follow directions based on the balance sheet.

Answer 1

Balance Gruel- Anonta 1. Amont Assets - erabilities cash 3.700, 33,300 Capfal. -Dracings: (et) Netporfil 56,800 (21,000) 691920 Accents Receivade , 105,820. Interest Revivable . uso 44,600, 9,95 Inventory Accamulated Depreciation Equipment. 1,33,000 -2500 6,300 office Equipment 1100 6 #awey ofs Interest Accules preparate 16,400 encanned Reverne 136 44,000 Notes prepable 2241352 221,350

quite stage Income | Amout statement : particulous amout particulare To COGS & V "700DD B4 sales 3, 10,000 & Sales Refuenx (7.100 To Gross proff | 1,31,900 3,02 900 3,02900 / 3,024800 sg Goods profit 1136,500 By Interest Ale 450 90 Sales Discecrute 8000 3000 To fabories: 24,000 26500 tols şalanes: 7500 5400 Los) Caormin) 2 salaxnel 15,000 10,100 To Rent al To stilities are To Depreciation To Interest the 1930 1100 To flet profit 69,820 l 1,32357 132350

Answers ! ②. Or 450 Interest Riccaluable No To. Interest one. uso Interest ..al . 1. To profit (8) lorse Dr Nc. 450 uso & variel Al Dr 2500 To outstanding 2500 salanes the 2500 2500 profit (e) lose the Dr 1. To Eabarier All .. 2500 1330 3. LC , 1330 Depreciation Ne Dr 380 1. Accumulated Depreciation ale . To Esquipment at profit (8) lose ale Dr 1330 To Depretation ay 1330

Interert Capense Ace To cutolanding Du 1100 Interest one 1100 afs Poterent Ale... DX To profiel) loft 1100 tfc. lloo. S00 cost s of To Goods &olde ale forsentony Alc 1. (44600- 457100). Twentony) loreduction is the value of Dr. Poldal Goodie 500 : : 500 cost of to profit (8) laer al

Aduisted Trial Balance of Trancis Electronic Company Particulars AnDebit - Credit 3700 33,300 450 4lofoo 6,300 433000 1330 37,930 16400 Cash Accounts Receivable Interest recensable Merchandise Inventory Office Supplies Equipment Deforeciation Equiprent Accumulated Deforication - Equifiment Accounts Payable salaries Payable Interest Payable Unearned Revenue Notes Payable, long term Traves Capital Traves with browals sales revenue Sales returns and allowances Sales Discounts Interest revenue Cost of Goods sold 25oo Lioo 13600 k4000 56900 21000 310,000 7100 3000 450 171.000